Euro Green Bond Debt Investor Update - Westpac · B78 R59 G12 B44 R139 G15 B9 R104 G9 B6 R44 G9 B33 R120 G120 ... Arrows are block style to fit text inside, see ‘pullout boxes and

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Euro Green Bond

Debt Investor Update

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European Investor Roadshow

November 2017

Westpac Banking Corporation

ABN 33 007 457 141

Dow Jones Sustainability Indices Number one bank globally in 2017,

for the 4th year in a row and the 10th time

since the index was established

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Disclaimer

The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (“Westpac”)

(ABN 33 007 457 141) and its activities.

It should not be reproduced, distributed or transmitted to any person without the consent of Westpac and is not intended for distribution in any

jurisdiction in which such distribution would be contrary to local law or regulation. It does not constitute a prospectus, offering memorandum or

offer of securities.

The information is supplied in summary form and is therefore not necessarily complete. Also, it is not intended that it be relied upon as advice

to investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment

objectives, financial situation or particular needs. The material contained in this presentation may include information derived from publicly

available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or

reliability of the information.

All amounts are in Australian dollars unless otherwise indicated.

Financial information in this presentation may be presented on a cash earnings basis. Cash earnings is a non-GAAP measure. Refer to

Westpac’s 2017 Annual Report on Form 20-F for the year ended 30 September 2017 filed with the SEC for details of the basis of preparation

of cash earnings. Refer to Appendix 2 for a reconciliation of reported net profit to cash earnings.

Financial data in this presentation is as at 30 September 2017 unless otherwise indicated. Comparisons of FY17 financial results are to FY16

unless otherwise stated.

Information contained in or otherwise accessible through the websites mentioned in this presentation does not form part of the presentation

unless we specifically state that the information is incorporated by reference thereby forming part of the presentation. All references in this

presentation to websites are inactive textual references and are for information only.

Disclosure regarding forward-looking statements

This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the US Securities Act

of 1933, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. Forward-looking statements are statements

about matters that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include

statements regarding our intent, belief or current expectations with respect to our business and operations, market conditions, results of

operations and financial condition, including, without limitation, future loan loss provisions, financial support to certain borrowers, indicative

drivers, forecasted economic indicators and performance metric outcomes.

We use words such as ‘will’, ‘may’, ‘expect’, 'indicative', ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘aim’, ‘probability’, ‘risk’,

‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’, or other similar words to identify forward-looking statements. These forward-looking

statements reflect our current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions

which are, in many instances, beyond our control and have been made based upon management’s expectations and beliefs concerning

future developments and their potential effect upon us. There can be no assurance that future developments will be in accordance with our

expectations or that the effect of future developments on us will be those anticipated. Should one or more of the risks or uncertainties

materialise, or should underlying assumptions prove incorrect, actual results could differ materially from the expectations described in this

presentation. Factors that may impact on the forward-looking statements made include, but are not limited to, those described in the section

entitled ‘Risk factors’ in Westpac’s Annual Report on Form 20-F for the year ended 30 September 2017 filed with the SEC. When relying on

forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other

uncertainties and events. We are under no obligation, and do not intend, to update any forward-looking statements contained in this

presentation, whether as a result of new information, future events or otherwise, after the date of this presentation.

2

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Westpac: clear domestic focus and a strong market position

Large domestic presence

Strong market share positions

Unique portfolio of national and regional brands

Clear focus on Australia and New Zealand

1 Source: APRA Banking Statistics August 2017. Total resident assets refers to all assets on the banks' domestic books that are due from residents. 2 Source: APRA Banking Statistics September 2017. 3 Source: RBA Financial Aggregates, September 2017. 4 Source: Strategic Insight, 30 June 2017. 5 Source: RBNZ, September 2017.

3

Westpac Group Fixed Income Presentation I November 2017 I Euro Climate Bond Roadshow

Net loans (%)

Westpac New Zealand Westpac Institutional Bank

Australian retail banking and wealth

86

12 2

Australia New Zealand

Other

62 22

3 10 2

Housing Australia Business Australia

Other Australia New Zealand

Other Overseas

0 200 400 600 800

HSBC Bank Australia

Bank of Queensland

ING Bank (Australia)

Suncorp-Metway

Bendigo and Adelaide Bank

Macquarie Bank

ANZ

NAB

CBA

Westpac

Revenue by geography (%)

Top 10 banks in Australia by total resident assets1 (A$bn)

Customers 13.8m

Australian household deposit market share2 23%

Australian mortgage market share3 23%

Australian business market share3 19%

Australian wealth platforms market share4 19%

New Zealand deposit market share5 19%

New Zealand consumer lending market share5 19%

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Full Year 2017 financial performance


4

19

31

73

30 22 24

16 12 12

17 13

FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17

Capital ratios (%) Balance sheet ratios (%) FY17 Reported Results FY17

% Change

FY17-FY16

Financial results (A$m)

Net operating income 21,802 4

Expenses (9,434) 2

Net profit before impairment charges and

income tax expenses 12,368 5

Impairment charges (853) (24)

Reported net profit after tax 7,990 7

Cash earnings 8,062 3

Financial metrics

Return on average ordinary equity 13.6% 33bps

Earnings per share 238.0c 6

Net interest margin 2.06% (4bps)

Expense to income ratio 43.3% (65bps)

Impairment charges to average gross loans

annualised 13bps (4bps)

Balance sheet and asset quality

Total committed exposure (TCE) $1.0tr 3

Loans $684.9bn 3

Customer deposits $486.7bn 4

Gross impaired assets to gross loans 0.22% (10bps)

Impairment charges to average gross loans annualised

(bps)

10.6

16.2 21.1

6.3

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Westpac capital levels ‘unquestionably strong’


1 The basis of the internationally comparable CET1 capital ratio aligns with the APRA study titled “International capital comparison study", released 13 July 2015. For more details on adjustments refer to Appendix 1.

APRA Level 2 basis Sep-16 Mar-17 Sep-17

CET1 capital ratio 9.5 10.0 10.6

Additional Tier 1 capital 1.7 1.7 2.1

Tier 1 capital ratio 11.2 11.7 12.7

Tier 2 capital 1.9 2.3 2.2

Total regulatory capital ratio 13.1 14.0 14.8

Risk weighted assets

(RWA) ($bn) 410 404 404

Leverage ratio 5.2 5.3 5.7

Internationally comparable

ratios1

Leverage ratio (internationally

comparable) 5.9 6.0 6.3

CET1 capital ratio

(internationally comparable) 14.4 15.3 16.2

CET1 capital ratio (%) and CET1 capital ($bn) (APRA basis)

5

%

Key capital ratios (%)

30 29

30 32

34

37 38

37 39

38

40 41 43

9.0

8.4 8.8

9.0 9.5

10.2 10.5

10.1 9.5 9.3

10.0 10.0 10.6

0.0

2.0

4.0

6.0

8.0

10.0

12.0

15

20

25

30

35

40

45

50

55

Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17

Westpac CET1 capital (lhs, $bn)

Westpac CET1 capital ratio (rhs, %)

Increase in mortgage

RWA to 25% avg,

effective 1 July 2016

$bn

APRA’s unquestionably

strong benchmark 10.5%,

under the current capital

adequacy framework

Building for 1%

DSIB

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Well placed on internationally comparable CET1 and leverage ratios

Peer group comprises listed commercial banks with assets in excess of A$700bn and which have disclosed fully implemented Basel III ratios or provided sufficient disclosure to estimate. Based on company reports/presentations. Ratios at 30 June

2017, except for Westpac, ANZ and NAB, which are at 30 Sep 2017, while Scotiabank, Bank of Montreal, Royal Bank of Canada and Toronto Dominion are at 31 July 2017. For CET1, assumes Basel III capital reforms fully implemented.

Leverage ratio is on a transitional basis. Where accrued expected dividends have been deducted, these have been added back for comparability. US banks are excluded from leverage ratio analysis due to business model differences, for example

from loans sold to US Government sponsored enterprises.

Common equity Tier 1 ratio (%)

Leverage ratio (%)

16.20%

0%

5%

10%

15%

20%

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6

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Consumer

R228

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BTFG

R0

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New Zealand

R175

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B22

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Well positioned for NSFR on 1 January 2018


1 Includes HQLA as defined in APS 210, RBNZ eligible liquids, less RBA open repos funding end of day ESA balances with the RBA. 2 The RBA makes available to Australian Authorised Deposit-taking Institutions a committed liquidity facility (CLF) that, subject to qualifying conditions, can be accessed to meet LCR requirements under APS210 – Liquidity. 3 Other flows include credit and liquidity facilities, collateral outflows and inflows from customers. 4 LCR is calculated as the percentage ratio of stock of HQLA and CLF over the total net cash outflows in a modelled 30 day defined stressed scenario. Calculated on a spot basis. 5 Private securities include Bank paper, RMBS, and Supra-nationals. 6 Includes long term wholesale funding with a residual maturity less than or equal to 1 year. 7 NSFR is estimated based on current APRA guidelines. NSFR will commence in Australia on 1 January 2018. 8 Other includes derivatives and other assets. 9 Other loans includes off balance sheet exposures and residential mortgages >35% risk weight. 10 Equity excludes FX translation, Available-for-Sale securities and Cash Flow Hedging Reserves. 11 Tenor excludes RMBS and ABS. 12 Contractual maturity date for hybrids and callable subordinated instruments is the first scheduled conversion date or call date for the purposes of this disclosure.

Total funding composition (%) New term issuance by tenor11,12 (%) Net stable funding ratio (NSFR, $bn)

Liquidity coverage ratio (%) Unencumbered liquid assets ($bn) Liquidity coverage ratio ($bn and %)

7

Sep-16 Mar-17 Sep-17

HQLA1 69.4 73.6 71.9

CLF2 58.6 49.1 49.1

Total LCR Liquid assets 128.0 122.7 121.0

Customer deposits 63.5 65.9 65.6

Wholesale funding 13.1 13.2 12.2

Other flows3 19.2 19.1 20.1

Total cash outflows 95.8 98.2 98.0

LCR4 134% 125% 124%

5

68 75 72 111

21 16 18

56 47 48

144 139

Sep-16 Mar-17 Sep-17

Self securitisation

Private securities and deposits with other banks

Cash, government and semi-government bonds

Total short term

wholesale debt6

outstanding at

30 Sep 17

138

44 61 62

5

8 8

1

1 1

10

11 11

4

4 4 20

8 8 16 7 6

Sep-08 Sep-16 Sep-17

Wholesale Onshore <1yr

Wholesale Offshore <1yr

Wholesale Onshore >1yr

Wholesale Offshore >1yr

Securitisation

Equity

Customer deposits

66.2 69.4 73.6 71.9

58.6 58.6 49.1 49.1

127 134

125 124

Mar-16 Sep-16 Mar-17 Sep-17

Committed Liquidity Facility ($bn)

HQLA ($bn)

LCR (%)

By residual maturity

7 4 8

25 30

25 17

44 40

45 30

18 25 28

43

FY14 FY15 FY16 FY17

>5years

5 years

4 years

3 years

2 years

1 yearsAvailable Stable

FundingRequired Stable

Funding

Estimated NSFR7 Mar-17 Sep-17

108% 109%

566 521

Capital

Retail & SME deposits

Corporate & Institutional

deposits

W’sale funding & other liabilities

Residential mortgages

≤35%

Other loans9

Liquids and other8

10

4.7yrs 4.9yrs 5.4yrs 5.8yrs WAM11

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New term issuance well diversified


1 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 370 days excluding US Commercial Paper and Yankee Certificates of Deposit. 2 Westpac public benchmark transactions

only. 3 Contractual maturity date for hybrids and callable subordinated instruments is the first scheduled conversion date or call date for the purposes of this disclosure. 4 Tenor excludes RMBS and ABS. 5 Perpetual sub-debt has been included in

>FY22 maturity bucket. Maturities exclude securitisation amortisation. 6 Sources: Westpac, APRA Banking Statistics September 2017.

FY17 new term issuance composition1 (%)

Term debt issuance and maturity profile1,3,5 ($bn) Australian covered bond issuance6 ($bn)

66

18

5

4

8

By type

Senior Unsecured Covered Bonds

Securitisation Hybrid

Subordinated Debt

12

19

28

30

9 1

By investor location2

Asia Australia & NZ

Europe North America

UK Other

21 49

22 3

4

By currency

AUD USD EUR

GBP Other

2

8

17 0.3

30

43

By tenor3,4

1 Year 2 Years 3 Years

4 Years 5 Years >5 years

33

22

33 31

42

37

27 27 26 26

20 21

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 >FY22

Sub Debt

Senior/Securitisation

Hybrid

Covered Bond

Issuance Maturities

Charts may not add to 100 due to rounding.

8

14 23 20

25

27

31 31

34

Peer 1 Peer 2 Peer 3 Westpac

Outstanding Remaining capacity(8% cap & over-collateralisation)

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Impaired assets and stressed assets lower


9

0.57 0.67 0.62 0.58 0.44

0.27 0.20 0.22 0.15

0.29

0.46 0.41

0.35

0.31

0.26 0.25

0.33 0.34

2.23

2.07

1.45

1.24

0.85

0.71

0.54

0.65 0.56

3.09 3.20

2.48

2.17

1.60

1.24

0.99

1.20

1.05

Sep-0

9

Sep-1

0

Sep-1

1

Sep-1

2

Sep-1

3

Sep-1

4

Sep-1

5

Sep-1

6

Sep-1

7

Watchlist & substandard

90+ day past due and not impaired

Impaired1,218

1,748

1,519

1,343

1,060 1,194

997 958

708 609 607 633

1,078

477 589

440

1H

10

2H

10

1H

11

2H

11

1H

12

2H

12

1H

13

2H

13

1H

14

2H

14

1H

15

2H

15

1H

16

2H

16

1H

17

2H

17

Lower stress reflects

refinance and work-out of

some institutional facilities

and an improved outlook for

some NZ dairy exposures

2H16 1H17 2H17

Total provisions to gross loans (bps) 54 52 45

Impaired asset provisions to impaired assets (%) 49 52 46

Collectively assessed provisions to credit RWA (bps) 76 77 76

Economic overlay ($m) 389 378 323

Stressed exposures as a % of TCE (%) New and increased gross impaired assets ($m)

Provisions

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the wedge.


Sustainability –

Environmental, Social and

Governance at Westpac


ABN 33 007 457 141

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Part of doing business at Westpac

Overview

Fifteen years ago Westpac set out its first sustainability strategy outlining the

bank’s position on the responsibility of business, with the vision that every

generation should live better than the last

Strategic priorities

• Help improve the way people

work and live as our society changes

• Help find solutions to

environmental challenges

• Help customers to have a

better relationship with money

for a better life

Track record

• Ranked world’s most sustainable bank for

10th time in 2017 Dow Jones Sustainability

Indices Review

• Recognised as one of only ten Australian

companies to achieve Leadership level in

the 2017 CDP1, with a climate score of A-.

This puts Westpac among the top 22% of

companies globally to achieve this level

• Assigned Gold Class ranking in the 2017

RobecoSAM Sustainability Yearbook

• Awarded 6 Star Green Star interior rating

for Bank of Melbourne flagship branch by the

Green Building Council of Australia

Significant achievements

• Released updated position statements and

2020 Action Plans for Climate Change and

Human Rights

• Maintained our carbon neutral status for 4th

year in a row

• 50% target reached for women in leadership

positions

• Awarded more than 200 education

scholarships, 200 community grants, and

recognised 200 Businesses of Tomorrow in our

200th year

1CDP, formerly the Carbon Disclosure Project

11


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In 2013, we set out a five-year strategy stating our vision, strategic priorities and priorities for a sustainable future


12

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Progress on our Strategy 13

Embracing

societal change

Helping improve the way people work

and live, as our society changes

• Ensure our workforce is representative of the community

• Extend length and quality of working lives

• Anticipating the future needs of ageing and culturally

diverse customers

Helping find solutions to

environmental challenges

• Provide products and services to help customers adapt

to environmental challenges

• Increase lending and investment in CleanTech and

environmental services

• Reduce our environmental footprint

Environmental

solutions

Better

financial futures

Helping customers to have a better relationship

with money, for a better life

• Ensure all customers have access to the right advice to

achieve a secure retirement

• Help customers meet their financial goals in retirement

• Increase access to financial services in the Pacific

• Help people gain access to social and affordable housing

42

44

46

48

50

50

2013

2014

2015

2016

2017

2017 Target

219

451

628

500

2015

2016

2017

2017 Target

1

4

5

7

9

5

2013

2014

2015

2016

2017

2017 Target

40

42

41

44

2015

2016

2017

2017 Target

2

4

4

6

9

5

2013

2014

2015

2016

2017

2017 Target

6.4

8.0

6.1

6.2

7.0

6.0

2013

2014

2015

2016

2017

2017 Target

200

198

193

180

169

181

2013

2014

2015

2016

2017

2017 Target

55

59

61

73

75

75

2013

2014

2015

2016

2017

2017 Target

7.4

8.1

8.1

7.8

7.5

8.9

2013

2014

2015

2016

2017

2017 Target

0.7

0.8

1.0

1.1

1.3

2.0

2013

2014

2015

2016

2017

2017 Target

147

225

292

297

355

300

2013

2014

2015

2016

2017

2017 Target

4.89

4.91

4.9

2016

2017

2017 Target


Women in leadership (%) Indigenous Australians recruited

Unique services launched to help

customers adapt to environmental

challenges (cumulative number)

Make up to $6 billion available for

lending and investment in CleanTech

and environmental services ($bn)

Initiatives introduced that support

the financial wellbeing of ageing and

culturally diverse customers Wellbeing average

Work Ability Index1

Electricity efficiency in commercial

and retail sites (kWh/m2)

Westpac Group customers with

Westpac Group superannuation (%)

Make up to $2 billion available for

lending and investment in the social

and affordable housing sector ($bn)

Recycling rates in Sydney head

offices (% of waste)

Net basic banking account customers

in the Pacific (cumulative ‘000)

Average customer satisfaction

rating as reflected through BT

Adviser View

1 Wellbeing average Work Ability Index (biennial index score out of 49;conducted out of cycle in 2016)

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Overview

Alignment to the UN Sustainable Development Goals

Note: The table shows the six Sustainable Development Goals we have prioritised. As we respond to our most material issues, Westpac’s actions will support the achievement of these priority goals, while also

considering the role we can play to support the remaining 11 goals.

• In 2016, building on our

earlier mapping of

Westpac activities to the

UN Sustainable

Development Goals

(SDGs), we publicly

confirmed our support for

the SDGs through a

‘CEO Statement of

Support’ coordinated by

the UNGC Network

Australia

• Westpac has identified

six priority SDGs that we

can most directly

influence through our

business model

• We have mapped these

priority SDGs against our

material issues in the

following table

Alignment to the Sustainable Development Goals

14

• Conduct and culture

• Changing regulatory landscape

• Financial and economic performance

• Governance, risk and remuneration

Conduct

and Trust

Service

leadership

Digital

innovation

Workforce

of the future

Positive

societal

impact

Value

chain risk

• Customer experience, support and access

• Financial capability and empowerment

• Digital product and service transformation

• Information security and data privacy

• Talent attraction and retention

• Workforce wellbeing

• Inclusion and diversity

• Supporting communities in need

• Positive impact finance

• Climate change transition and opportunities

• Societal diversity and prosperity

• Our direct environment footprint

• Value chain sustainability risks


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• Sustainability risk management framework

• Risk management framework

• Responsible sourcing code of conduct

• Sustainability strategy 2013-17

• Inclusion and diversity strategy

• Divisional and business unit strategies

Sustainability governance framework 15

Westpac

Stakeholder

Advisory Council

Westpac

Indigenous

Advisory

Committee

Westpac

New Zealand

External

Stakeholder

Panel

Westpac Board

Executive Team

Divisional committees and working groups

Westpac Group Sustainability Council Westpac Group Inclusion

and Diversity Council

Westpac New Zealand Sustainable

Business Steering Committee

Internal Committee

External Committee

Guiding our approach Managing risk Driving action

• Principles for doing business

• Stakeholder engagement framework

• Social impact framework

• ESG credit policy

• Financing agribusiness

• Financing the defence sector

• Financing a sustainable energy system

• Financing tobacco

• Climate change and environmental action plan

• Reconciliation action plan

• Human rights action plan

• Accessibility action plan

• Financial inclusion action plan

Policies and position statements Specific policies and positions Action plans and divisional strategies

• Climate change and environmental position

statement

• Human rights position statement

• Responsible investment position statement

• Supplier inclusion and diversity policy

• Wellbeing policy

Global commitments and partnerships

• Equator principles

• UN sustainable development goals

• Global investor statement on climate change

• Principles for responsible investment

• UN global compact

• We mean business coalition

Interim and annual reporting

• Banking environment initiative’s soft commodities

compact

• UN environment program – finance initiative


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Group-wide sustainability performance is reported to the

Westpac Group Executive Team and Westpac Board

Group Sustainability Council

has responsibility for the Group’s delivery

on the sustainability strategy

Environmental Management Committee

has responsibility for the Group’s footprint and performance

against efficiency metrics

Climate Change Solutions Committee

has responsibility for driving performance against our

commitment to make available up to A$10 billion in lending and

investment to climate change solutions by 2020 and A$25

billion by 2030

Working groups are also formed to manage specific

environmental issues as they arise

Westpac’s framework for managing ESG risks… 16


Westpac’s approach to environmental, social, and governance assessment of companies and projects

If the identified ESG risks do not meet Westpac’s risk appetite—which includes a

requirement to meet the criteria outlined in our position statements – then we will not

proceed with the transaction

Screening

Equator Principles

Risk Management

Strategy

• A Board-approved Risk Management

Strategy that covers sustainability and

reputational risks

• Underpinned by a number of key risk

documents on sustainability

• When assessing a project or prospective customer,

Westpac credit officers, deal teams and sustainability

specialists screen against

Environmental risks

Social risks

Governance risks

All other Westpac position statements

• In addition, Westpac applies the

Equator Principles (EP III) to all

project finance transactions, project-

related corporate loans, and bridge

loans with a tenor of less than two

years

Governance and oversight forums for the ongoing management of environmental challenges

1

2

3

4

5

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…which we continue to update


• Westpac continues to update the Group’s

sustainability governance frameworks

responding to material sustainability topics,

both issues and opportunities, including:

Climate Change Position Statement and

2020 Action Plan

Human Rights Position Statement and

2020 Action Plan

Reconciliation Action Plan 2018 - 2020

Accessibility Action Plan 2018 - 2020

• Released our first Slavery and Human

Trafficking Statement in response to the

UK Modern Slavery Act in 2016

• Released our Responsible Sourcing Code

of Conduct and established our global

Responsible Sourcing Steering Committee

to oversee its application in 2017

17

Climate change Reconciliation Human rights

Supply chain Accessibility Modern Slavery Act

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Westpac Climate Change Position Statement and 2020 Action Plan

The Westpac Group has long recognised

that climate change is one of the most

significant issues that will impact the

long-term prosperity of our economy and

way of life

Since we set out our first climate change

action plan almost a decade ago, we

have been helping customers and

communities transition to a low carbon

economy

Westpac Climate Change Position

Statement and Action Plan builds on our

strong track record, outlining the next

phase of actions we are taking to meet

our commitment to operate a manner

consistent with limiting global warming to

less than two degrees Celsius above

pre-industrial levels

Westpac’s Approach

to Climate Change

The core principles that guide and inform Westpac’s

approach to climate change are:

Our

Principles

The following focus areas will direct Westpac’s actions

on climate change:

Our 2020

Action Plan

Transparency and

disclosure matters

A transition to a net zero emissions

economy is required

Economic growth and emissions

reductions are complementary goals

Addressing climate change creates

financial opportunities

Climate-related risk is a

financial risk

1

2

3

4

5 Advocate for policies that stimulate

investment in climate change

solutions

Provide finance to back

climate change solutions

Support businesses that manage

their climate-related risks

Help individual customers

respond to climate change

Improve and disclose our

climate change performance

1

2

3

4

5

18


Note: Westpac was the first Australian

bank to recognise the importance of

limiting global warming to two

degrees. Westpac 2013-2017 Climate

Change Position Statement and

Action Plan, 2013.

Westpac was the first Australian bank to recognise the importance of limiting global warming to two degrees

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19 Our 2020 Action Plan

Provide finance to back climate change solutions

Increase our target lending exposure to climate change solutions to $10 billion by 2020 and $25 billion by 2030

Facilitate up to $3 billion in climate change solutions by 2020, e.g. Climate Bond issuance and arrangement

Support businesses that manage their climate-related risks

and play a constructive role as they manage the transition

Help individual customers respond to climate change

by making their homes more climate-resilient, improve energy efficiency and reduce their environmental impact

Improve and Disclose our climate change performance

for example setting targets to reduce Westpac’s direct footprint emissions by 9% by 2020 and 34% by 2030

Advocate for policies

such as a continued commitment to a broad market-based price on carbon as the most efficient way to encourage emissions

reductions at the lowest cost to the economy

1

2

3

4

5


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Provide finance to back climate change solutions


20

CleanTech and environmental services exposure ($bn)

6.1 6.3 6.2

6.7 7.0

Sep-15 Mar-16 Sep-16 Mar-17 Sep-17

CleanTech and environmental services exposure (%)

57.0 31.6

4.3

3.1 3.5

0.3 0.2 Green buildings

Renewable energy

Forestry

Waste

Other

Energy efficiency

Green businesses

TCE as at 30 September 2017 $7bn

Group mining portfolio to total lending TCE (%)

99

1 Total Group lending(ex. Mining)

Mining

Mining portfolio (TCE) by sector (%)

0

10

20

30

40

50

Oil andgas

Othermetalore

Iron ore Miningservices

Coal Other

1H16 2H16 1H17 2H17

TCE at 30 September 2017 $9.7bn

• In our role as a financial intermediary we

act as a market facilitator and partner to

existing and new customers, backing

financially viable, affordable, low carbon

solutions that will drive the transition to a

net zero emissions economy whilst

accelerating the reduction in emissions

• In 2017, Westpac’s commitment to

Climate Change Solutions markets was

A$7.0bn

− Increased target since 2013 despite

more stringent criteria in 2015 for green

buildings, lifting from 4 star NABERS

rating to 5 stars

• As of 30 September 2017, 1% of total

Group lending was to mining activities with

lending to coal mining being 8% of the

total mining portfolio

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Supporting the transition to a 2 degree economy


1 Exposures in WIB only.

66

17

14

2 1

Renewable energy

Gas

Black coal

Brown coal

Liquid fuel

0.41 0.38 0.38 0.35

0.87 0.91 0.90

0.86

2014 2015 2016 2017

Westpac electricty generation portfolio

National Electricity Market (NEM) Benchmark

• The proportion of renewable energy

financing in our total electricity generation

portfolio has increased from 45% in 2011 to

66% in 2017

• The emissions intensity of Westpac’s

power generation portfolio as at 30

September 2017 was 0.36 tCO2e/MWh

below the National Electricity Market

(‘NEM’) for June 2017 of 0.86 tCO2e/MWh

• Total attributable financing to electricity

generation (Aust/NZ) of Westpac’s portfolio

is $3.225bn

21

Westpac Group electricity generation exposure (%)1

Westpac Group electricity generation – Aust. & NZ (%)1

Emissions intensity (tCO2-e/MWh) – Australia only

Westpac electricity generation (Australia and New Zealand)1

0.41 0.38 0.38 0.36

0.87 0.91 0.90 0.86

2014 2015 2016 2017

Westpac electricty generation portfolio

National Electricity Market (NEM) Benchmark

24% 28% 30% 26% 37%

31% 30% 31% 34% 29%

5% 4% 3% 3% 2% 16% 16% 14% 16% 14% 24% 20% 21% 20% 17%

1% 1% 1% 2% 1%

$3.1bn $3.2bn $3.3bn $3.1bn

$3.2bn

2013 2014 2015 2016 2017

Other renewables Hydro Brown Coal

Black Coal Gas Liquid fuel

Total attributable financing ($bn)

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Well recognised performance and achievements

Number one bank globally in

2017, for the 4th year in a row

and the 10th time since the index

was established

Awarded Gold Class ranking

in RobecoSAM’s 2017

Sustainability Yearbook

Number one bank globally in

2017, for the 4th year in a row

and the 10th time since the index

was established

Employer of Choice by The

Workplace Gender Equality

Agency for the 7th consecutive

year

Included in the 2016

Global 100 Most Sustainable

Corporations in the

World, January 2016

Named as Australia’s 2016

Employer of the Year for LGBTI

Inclusion in the Australian

Workplace Equality Index Awards

#1 Bank in Top 10 Australian

Network on Disability’s Inaugural

Access and Inclusion Index

Member of the FTSE4Good Index,

of which Westpac has been a

member for over 10 years,

announced in April 2017

Recognised in the 2017 CDP

to achieve Leadership level

for our response to climate

change, announced in

October 2017

Ranked as the leading

Australian bank in the

Bloomberg Financial Services

Gender Equality Index

Achieved highest “Leading” rating for

the tenth consecutive year for

disclosure of sustainability risks in

2017

Reconfirmed as a constituent of

the Ethibel Sustainability Index

(ESI) Excellence Global,

announced September 2017

Member of the MSCI Global

ESG Leaders index

Achieved a Prime status rating

and identified as a leading

performer of sustainability

since 2014

Member of the STOXX

2016/2017 Global ESG Leaders

Indices for the fourth

consecutive year

Eq

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22

https://www.google.com.au/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwj62MyrwYrXAhXML48KHdQPBvcQjRwIBw&url=https://www.linkedin.com/pulse/oekom-research-awards-commerzbank-prime-status-ruediger-senft&psig=AOvVaw29uHIaJE_ojIzTd0VIqy6Z&ust=1508977482455512

http://www.google.com.au/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjyqtHEwIrXAhXIo48KHe8QA98QjRwIBw&url=http://www.worleyparsons.com/InvestorRelations/corporateresponsibility/news/Pages/LeadingDisclosureofSustainabilityRisks.aspx&psig=AOvVaw0qPBtj5coS0aYoZoF_KIf8&ust=1508977258297753

https://www.google.com.au/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjhuc3yxIrXAhUSR48KHV0nDjEQjRwIBw&url=https://www.cokecce.com/news-and-events/news/coca-cola-enterprises-named-26th-most-sustainable-corporation-in-the-world-in-corporate-knights-2015-global-100-sustainability-index&psig=AOvVaw0jmX65VV0tIV8iqACLheWP&ust=1508978432271174

http://www.google.com.au/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjDqIKXwIrXAhVELo8KHax5CeQQjRwIBw&url=http://www.prnewswire.com/news-releases/voya-financial-recognized-in-2017-bloomberg-financial-services-gender-equality-index-300394480.html&psig=AOvVaw1CLCWxRarpqcGoXi3Obp6t&ust=1508977156162476

https://www.google.com.au/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi4y7LPxYrXAhXBrI8KHbWAAf4QjRwIBw&url=https://www.hr.unsw.edu.au/diversity/&psig=AOvVaw1bosvpu1qfqkB90ZUHnnN5&ust=1508978629610224

https://www.google.com.au/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwicjZiExorXAhUBQI8KHU7kCWgQjRwIBw&url=https://www.wgea.gov.au/&psig=AOvVaw3b1ilFUVw_cPWo6wGo_UNc&ust=1508978705096790

https://www.google.com.au/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwicjZiExorXAhUBQI8KHU7kCWgQjRwIBw&url=https://www.wgea.gov.au/&psig=AOvVaw3b1ilFUVw_cPWo6wGo_UNc&ust=1508978705096790

https://www.google.com.au/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwi-15D1xorXAhVKsY8KHdVEDLAQjRwIBw&url=https://careers.moodys.com/why-moodys/diversity-and-inclusion/&psig=AOvVaw0vZJ1lShvz0-o-sWrm5g0u&ust=1508978981666088

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Westpac’s key international initiatives, commitments and partnerships 23

United Nations Global Compact Signatory (2002)

Global Compact Network Australia Founding Member

UN Principles for

Responsible Investment

(2007)

The Equator Principles

Founding Adopter

First Australian Bank (2003)

UN Environment Program

Finance Initiative

Founding Member (1991)

(????)


UN Sustainable

Development Goals

CEO Statement of

Commitment (2015)

Green Bond Principles

Banking Environment Initiative

Soft Commodities Compact

We Mean

Business Coalition

Global Investor Coalition

Statement on Climate Change

https://www.google.com.au/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwj4z96W7orXAhUIv48KHQMnCEgQjRwIBw&url=https://www.db.com/cr/en/strategy/stakeholder-dialog.htm&psig=AOvVaw1I3289o1hcTZYcz-Td8E8R&ust=1508989511132867

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Westpac Climate Bond


ABN 33 007 457 141

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Westpac Climate Bond: a strong fit to our 2020 Action Plan 25

• To provide financing for technologies and practices that

are consistent with the investment required to limit global

warming to less than two degrees and address its

impacts

• To support the development of the Australian and global

Climate Bond market and to seek investor diversity

• Westpac issued its first Climate Bond in June 2016

• Westpac Climate Bonds give investors the opportunity to

support environmental projects through a high-grade

fixed income investment

1 This target will be updated in the next update of this strategy to reflect changes in technology, policy, climate science and investment assumptions and as our approach evolves.

2 Please see Term Sheet or Final Terms for full details


Why issue Climate Bonds?

Use of Proceeds Selection of Assets

• Meet Westpac’s Board-approved Risk Management Strategy

that covers sustainability and reputational risks

• Project selection to meet CBI taxonomy for certification

• Review and approve in Climate Change Solutions Committee

Management of Proceeds

• Internal tracking of Climate Bond proceeds

• Climate Bond specific product code

• Use of Proceeds Reporting

• Impact Reporting

USE OF PROCEEDS LANGUAGE: Only bonds issued to fund projects and assets which qualify as “Eligible Projects & Physical Assets” under the terms of the Climate Bonds Standard can be certified as Climate

Bonds. “Eligible Projects & Physical Assets” are projects, physical assets or loans made to finance physical assets that satisfy the prescribed eligibility criteria for the purposes of the Climate Bonds Standard. “Eligible

Projects & Physical Assets” are subject to sector-specific technical criteria and must be regarded as contributing to the delivery of a low carbon economy within the terms of the Climate Bonds Standard. The Eligible

Projects & Physical Assets with which a Climate Bond is associated are referred to as the “Nominated Projects”.

The Issuer expects to use the proceeds of the issuance of the Notes to finance or maintain the finance for one or more of its Nominated Projects. So long as the Notes are outstanding, the Issuer’s internal records will

show, at any time, the net proceeds from the issuance of the Notes as allocated to the assets that fall within the Nominated Projects. During the term of the Notes, the Issuer will provide Holders with periodic reporting

on the use of proceeds to finance Nominated Projects.

Details of the actual Nominated Projects with which the Notes may be associated at any given time may be subject to obligations of confidentiality that would preclude the Issuer disclosing those details to Holders. In

addition, investors should note that the Issuer is not required to, and no assurance can be given that, the Issuer will, invest in any such project or that any investment in any such project will be retained for the term of

the Notes. Investors should further note that the Issuer may at any time and from time to time change the composition of its investments financed by the Notes and such investments may not include any of the

projects or assets described above. 2

Use of proceeds Management of Proceeds Selection of assets Reporting

Reporting

Climate Bond Framework in accordance with GBP and CBI

• The net proceeds will be used to fund Eligible Green

Projects that meet the requirements of the Climate

Bond Initiative’s Climate Bonds Standard (V2.1)

− Renewable Energy Projects

− Low Carbon Building – Commercial

− Transport – Rail

• CBS are fully aligned with the Green Bond Principles

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Use of Proceeds 26

Source: Climate Bonds Taxonomy


• The net proceeds will be used to fund Eligible

Green Projects that meet the requirements of the

Climate Bond Initiative’s Climate Bonds Standard

(V2.1) in all material respects, are fully aligned with

the Green Bond Principles

• Currently all assets are domiciled within Australia

• The Climate Bond Asset Pool currently supports

three categories of assets under the Climate Bonds

Standard:

Renewable Energy Solar and Wind:

SDG 7, SDG 13

• Including systems and equipment that

facilitate the use or production of energy

from renewable sources. Currently

includes both Wind and Solar PV

Low Carbon Buildings – Commercial:

SDG 7, SDG 11, SDG 12 SDG 13

• Buildings must be in the top 15% of their

city in terms of emissions performance.

This “hurdle rate” in emissions terms

ratchets down to zero (carbon) in 2050

Transport – Rail:

SDG 7, SDG 9, SDG 11, SDG 13

• Currently includes Rail with green power

purchase arrangements


1

2

3

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Selection of Assets

1 Climate Change Solutions Lending refers to Westpac Institutional Bank Lending,

2 Climate Bond Selection refers to the subset of CCSL represented by direct lending to CBS V2.1 eligible assets

• Projects must first comply with Westpac Climate Change Solutions criteria and all lending and investment decisions must also include a Social and Environmental

Assessment (SEA) that satisfies local social and environmental regulations and decisions must be taken in the broader context of Westpac’s compliance with the Equator

Principles

1. Climate change solutions include1, but are not limited to, Renewable Energy, Low Carbon Building Commercial, Low-emissions transport, energy efficient technologies

2. Meet the requirements of the Climate Bond Initiative2

3. Must comply with the Equator Principles


• Sustainability Risk Management Framework

• Environmental, Social & Governance (ESG) Credit Risk Policy

• Reputation Risk Management Framework

Westpac Group

Policies and

Frameworks

• Risk Appetite

Statement

Equator

Principles

Application of

Green Bond

Principles and

Climate Bonds

Standard v2.1

• Seek approval of

selected assets from

Climate Change

Solutions Committee

Exclusions

• Nuclear or fossil fuel

energy operations

• Controversial weapons

• Coal mining

• Tobacco

Sustainability Risk Management Framework

ESG Credit Risk Policy

Westpac’s Approach to Sustainable Finance

Climate Change Solutions Lending

Climate Bond Selection

Eligible Assets

Ineligible Assets

Polic

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33%

56%

12%

Renewable Energy ProjectsLow Carbon Buildings - CommercialTransport - Rail

Selection of Assets – Climate Bond asset pool


Climate Bond Pool Customer State Sector UN SDG

Oaklands Hill Wind Farm VIC Renewable Energy Projects 7, 13

Hallett 4 Wind Farm SA Renewable Energy Projects 7, 13

Hallett 5 Wind Farm SA Renewable Energy Projects 7, 13

Gunning Wind Energy Developments Pty Ltd NSW Renewable Energy Projects 7, 13

Collgar Wind Farm WA Renewable Energy Projects 7, 13

Wind Farm 1 AUST Renewable Energy Projects 7, 13

Pyrenees Wind Energy Developments Pty Ltd VIC Renewable Energy Projects 7, 13

Wind Farm 2 AUST Renewable Energy Projects 7, 13

PARF Silverton Finco Pty Ltd NSW Renewable Energy Projects 7, 13

PARF Finco 1 Pty Ltd NSW Renewable Energy Projects 7, 13

Transmission Operations (Australia) 2 Pty Ltd VIC Renewable Energy Projects 7, 13

Transmission Operations (Australia) Pty Ltd VIC Renewable Energy Projects 7, 13

Rail Asset 1 NSW Transport - Rail 7,9,11,13

ATO Adelaide – Charter Hall SA Low Carbon Buildings - Commercial 7,11,12,13

Horizon MP Management (70 Eagle Street) QLD Low Carbon Buildings - Commercial 7,11,12,13

Green Building 1 AUST Low Carbon Buildings - Commercial 7,11,12,13

Green Building 2 AUST Low Carbon Buildings - Commercial 7,11,12,13

City West ACT ACT Low Carbon Buildings - Commercial 7,11,12,13

40 Creek Street Brisbane QLD Low Carbon Buildings - Commercial 7,11,12,13

Bankwest Place Perth WA Low Carbon Buildings - Commercial 7,11,12,13

55 Elizabeth Street Brisbane QLD Low Carbon Buildings - Commercial 7,11,12,13

Zenith Sub Trust, Chatswood SYD Low Carbon Buildings - Commercial 7,11,12,13

Green Building 3 SYD Low Carbon Buildings - Commercial 7,11,12,13



Aggregate Statistics $m %

Renewable Energy Projects AUD 730 36

Low Carbon Buildings - Commercial AUD 1,142 56

Transport – Rail AUD 179 9

Total AUD 2,051 100

Outstanding Issuance $m Public/Private

AUD senior 5 year due 2021 AUD 500 Public Benchmark

USD senior 10 year due 2027 USD 50 / AUD 66 Private Placement (FX 0.7629 as at 31/03/17)

Remaining Pool Capacity AUD 1,485

Aggregate Statistics by Country

Aggregate Statistics by Sector

28

AUD 730m

AUD 1,142m

AUD 179m


100%

Australia

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Selection of Assets – Examples of eligible projects

1 Image of Hallett Wind Farm courtesy of AGL Energy

29


• White Rock Wind Farm is a green field renewable energy project currently being developed in the north of New South

Wales, approximately 20km west of the town of Glenn Innes

• In June 2016, Westpac participated in the financing of the construction facility

• The Project was subject to Westpac’s Equator Principles assessment. Westpac applied the Equator Principles based on

due diligence material and concluded that the Project was a Category B Project, defined as having potential limited social

or environmental impacts that are few in number, generally site-specific, largely reversible and readily addressed through

mitigation measures

• The project is a joint venture between CECWPC (a company backed by China Energy Conservation and Environmental

Protection Group, a large scale group with expertise in clean energy and environment protection in China) and Goldwind

Capital (the largest wind farm equipment manufacturer in China)

White Rock Wind Farm Northern New South Wales, Australia

[Imagery to insert]

[Imagery to insert]

• For 170 years Westpac has been AGL’s primary banker supporting them in delivering innovative energy solutions

• The Powering Australian Renewables Fund, or PARF as it is known, is a landmark partnership between AGL, QIC and the

Future Fund

• Westpac is a key financier on all the PARF deals, and is proving itself as the go to bank for financing renewable energy

projects

• The Fund currently intends to develop, own and manage approximately 1,000 megawatts of large scale renewable energy

infrastructure assets. In New South Wales, the Fund has solar plants already in operation at Nyngan and Broken Hill and

the Silverton Wind Farm is currently under construction. Its most recent addition is the 453 megawatts Coopers Gap Wind

Farm development at Cooranga North in Queensland

AGL Partnership – Wind Farms1 and PV Solar Plants Queensland / New South Wales, Australia


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Management of proceeds


• Eligible assets will be identified for inclusion in an aggregated common pool of

Climate Bond assets for all Westpac Climate Bonds

• Proceeds raised under the bond will go into the Westpac general pool of funds,

then tagged and allocated to investment in the Climate Bond Asset Pool

• Westpac expects to maintain Climate Bond Asset Pool in excess of the net

proceeds of issued Climate Bonds

− Any unallocated proceeds will be invested in cash and/or cash equivalent and/or other

liquid marketable instruments until suitable eligible assets can be identified

• Westpac will use its best efforts to substitute any redeemed loans once an

appropriate substitution option will have been identified

• Westpac has established an internal Climate Change Solutions Committee

− A cross-divisional team of sustainability experts, senior directors and

managers

− Responsible for driving progress on Westpac’s Climate Change Solutions

lending objectives

− Responsible for monitoring / governing the Westpac Climate Bond framework

/ selection of eligible assets

− Internally monitor the progress, outcomes and impacts of the eligible assets

Westpac

Climate Bond

Climate Bond

Asset Pool

Westpac’s General

Pool of Funds

Proceeds Loans

Management of Climate Bond proceeds Governance and oversight

30


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Reporting – Certification and Assurance 31


Independent Third Party Certification

• Westpac’s Climate Bonds have been certified by the Climate Bonds

Initiative to comply with the Climate Bonds Standard

• Westpac intends to obtain Climate Bond Certification from the Climate

Bonds Initiative for each Climate Bond issued

• Westpac’s existing Climate Bonds are Climate Bond Certified

• In alignment with CBS (V2.1) Westpac has requested programmatic

certification to allow continued regular issuance

• Each bond issuance will be individually certified

Independent Third Party Assurance

• Compliance with Climate Bonds Standard has been independently verified

by Ernst & Young

• EY provided assurance that Westpac’s bond issuance process for Climate

Bonds meets the project identification, project minimum criteria,

management of proceeds, and reporting requirements of the Climate Bonds

Standard, in all material respects

• In alignment with the broader Westpac Sustainability Group, auditing and

assurance process will now be conducted by PWC

• Assurance will be provided semi-annually

Does EY provide for each bond, when – pre / post? Certification is available for assets and projects that meet the requirements of the Climate Bonds Standard. In order to

receive the “Climate Bond Certified” stamp of approval, a prospective issuer of a Green or Climate Bond must appoint

an approved 3rd party verifier, who will provide a verification statement that the bond meets the Climate Bonds

Standard. The Climate Bonds Standard allows Certification of a bond prior to its issuance, enabling the issuer to use

the Climate Bond Certification Mark in marketing efforts and investor roadshows. The Climate Bonds Standards Board

(comprised of members representing $34 trillion of assets under management) confirms Climate Bond Certification

once the bond has issued and the proceeds have been allocated to projects and assets.

Not available at westpac.com.au/sustainability

Does each bond need a separate CBI certificate?


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Reporting – Impact Reporting 32

1. www.ifc.org November 2015.


Reporting

• Westpac will provide an annual use of proceeds and impact report on a

single common pool of the Climate Bond assets for all Climate Bond

issuances

• The report will detail allocation of proceeds, total amount outstanding of

Climate Bonds, total amount unused proceeds and environmental impact of

the financed portfolio

• The report will be available each May on Westpac’s website:

https://www.westpac.com.au/about-westpac/investor-centre/fixed-income-

investors/Climate-Bonds/

• Reporting in line with the guidelines of the Green Bond Principles and

“Working Towards a Harmonized Framework for Green Bond Impact

Reporting” paper dated November 20151

• Assurance will be provided by the external auditor of the report

• Will be reviewed and approved by the Climate Change Solutions Committee

www.westpac.com.au/about-westpac/investor-centre/fixed-income-investors/ Use of proceeds Management of Proceeds Selection of assets Reporting

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Reporting – Impact Report

As at 31 March 20171

Energy Efficiency

Signed

Amount

(TCE, A$m)

Share of

Portfolio

Financing

(%)

Eligibility for

Green Bonds

(%)

Net Lettable

Area

(sqm)

MW Capacity

(MW)

Average Climate

Bond Asset

Pool Lifetime

(Months)

Annual Energy

Generation

(MWh)

Annual GHG

emissions reduced/

avoided (tCO2e)

Better than

Benchmark

Index

Renewable

Energy Projects 566.56 46 100 810.08 34 2,643,264.10 2,347,218.52 -

Green Buildings 606.77 49 100 224,054 0 21 - - 8%

Other

(RE Infrastructure) 61.49 5 100 0 34 - - -

1,234.82 100 100 810.08 28 2,643,264.10 2,347,218.52 8%

Notes

1. Emission reductions (TC02e/MWH) is GHG intensity (National Energy Market GHG Cal 2016 of 0.888) * MWh Generated (annual). Intensity is sum of daily total emissions/energy.

2. Assumption for RE assets based on Cal 2016 Generation from either asset operating reports or AEMO dispatch data

3. Renewable energy financing is generally syndicated across several banks and Westpac’s share has been estimated at 25-30% in the numbers above

4. Green Building financing varies across assets and Westpac’s share has been estimated at 25-50% in the numbers above

33

• Renewable energy projects financed in part by Westpac Climate Bonds have, to date:

Generated 2.6 million megawatt hours (MWh) of clean energy (a megawatt hour is equivalent to the

amount of electricity used by about 330 homes during one hour)

Reduced annual greenhouse gas emissions (GHG) by 2.3 million tCO2e (tonne of carbon dioxide

equivalents)

• Green buildings financed in part by Westpac Climate Bonds have, on average, performed 8% better

than the state benchmark for energy efficiency using a ten year period

Environmental

Impacts



1. EY Audit. www.westpac.com.au/about-westpac/investor-centre/fixed-income-investors/Climate-Bonds/

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More information | www.westpac.com.au/investorcentre

Joanne Dawson

Deputy Treasurer, Westpac Banking Corporation

+61 2 8204 2777

[email protected]

Alexander Bischoff

Executive Director, Global Funding

+61 2 8253 4314

[email protected]

Richard Salmon

Director, Global Funding

+61 2 8253 4314

[email protected]

Nick Cooper

Associate, Global Funding

+61 2 8253 4314

[email protected]

Jacqueline Boddy

Director, Debt Investor Relations

+61 2 8253 3133

[email protected]

Michael Chen (Sustainability)

Head of Sustainability, Institutional

+61 437 496 077

[email protected]

X - +

34

Contact our Global Funding team


NOTE:

T

NOTE:


image placeholders.










CROP.


necessary.




very back image.




the wedge.


Appendix


ABN 33 007 457 141

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References and Links

www.westpac.com.au/about-westpac/investor-centre/fixed-income-investors/Climate-Bonds/

www.westpac.com.au/about-westpac/sustainability/

www.westpac.com.au/about-westpac/sustainability/our-positions-and-perspectives/

www.westpac.com.au/about-westpac/sustainability/performance-reports/

www.nabers.gov.au/public/webpages/home.aspx

http://www.westpac.com.au/about-westpac/investor-centre/fixed-income-investors/Climate-Bonds/











http://www.westpac.com.au/about-westpac/sustainability/



http://www.westpac.com.au/about-westpac/sustainability/our-positions-and-perspectives/









http://www.westpac.com.au/about-westpac/sustainability/performance-reports/





http://www.nabers.gov.au/public/webpages/home.aspx

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